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ICMA Press Releases & Media
Click on the links below to access ICMA's press releases and the Media section of the website. Press Releases | Media
ICMA publishes revised collective action clauses (CACs) and a new standard pari passu clause to facilitate future sovereign debt restructuring

29 August 2014 ICMA has today published revised and updated collective action clauses and a new standard pari passu clause for sovereign debt securities. The use of these new terms in government bonds is intended to facilitate future sovereign debt restructurings.

To view the press release, click here.
ICMA is pleased to welcome the following new members in August 2014:
Banco Santander S.A, Montevideo
ICICI Bank UK Plc, London
Notenstein Privatbank AG, St. Gallen
Société Générale Securities Services S.p.A., Milan
Stifel Nicolaus Europe Limited, London
Click here to view the full list of ICMA members.
ICMA publishes report, Covered bond pool transparency: the next stage for investors
21 August 2014 Progress on transparency in the European Covered Bond market, ICMA report calls for further disclosure of cover pool data. To view the ICMA Transparency report click here. To view the press release, click here.
ICMA Internship Programme
18 August 2014 - ICMA welcomes applications from those who are interested in a 3 to 6 months unpaid internship within the marketing and communications department.
For more details, contact: Shannelle Rose, Head of Events.
Broad support for Green Bond Principles confirmed, as Initial Executive Committee is established
7 August 2014 (London, UK) In line with the Governance framework for the Green Bond Principles (GBP), published in April 2014, an Initial Executive Committee was established in June 2014 with representatives from 18 organisations comprising a balanced distribution of leading Green Bond practitioners. To view the press release, click here.
ICMA and Rule Financial Target 2 Securities (T2S) survey
3 July 2014 Given the far-reaching impact that T2S will have on Cash Bond and Repo trading practices, ICMA’s  European Repo Council (ERC) has commissioned a survey to assess market preparedness for, and industry attitudes towards, T2S. Click here for more information.
ICMA is pleased to welcome the following new members in June:

E D & F Man Capital Markets Limited, London

HSBC Securities (USA) Inc., New York

Nomura Financial Products & Services, Inc., Tokyo

Sberbank (Switzerland) AG, Zurich

Sberbank CIB (UK) Limited, London

Sberbank Europe AG, Vienna

Scotiabank (Ireland) Limited, Dublin

SIB (Cyprus) Limited, Nicosia

Philippines Bureau of Treasury, Manila

 

Click here to view the full list of ICMA members.
New education course dates for second half of 2014 announced
16 June 2014 ICMA Executive Education has scheduled course dates for a number of its courses, including collateral management, credit default swaps and fixed income portfolio management, for the rest of the year. The Primary Market Certificate Course will also be running in Hong Kong for the first time in September. Click here for more information.
Trade bodies join forces to promote EU Private Placement market

12 June 2014 The development of a European Private Placement market is underway as leading trade bodies join forces to establish a guide to best market practice.

ICMA is taking the lead in coordinating the work of the Pan-European Private Placement Working Group (PEPP WG).

Click here for more information.

ICMA AGM and Conference Berlin 2014

10 June 2014 ICMA held its 46th Annual General Meeting and Conference in Berlin from 4 to 6 June, 2014.  The conference was very well attended again this year with more than 650 financial market participants joining us at the InterContinental Hotel and at the evening receptions at the New National Gallery and the German Historical Museum.

Delegates heard an impressive line-up of regulators, politicians, central bankers and market participants on topics including: the importance of  capital markets in financing economic growth; the role of collateral and repo;  prospects for European banking union; and developments in Chinese and in German capital markets.

More details are available here.
New course on ICMA’s repo best market practice guide
10 June 2014 ICMA Executive Education has today launched a new course based on the Guide to Best Practice in the European Repo Market, which will be delivered by Richard Comotto. This one day course will run for the first time on 22 September in London. For more details click here.
Green Bond Principles Expands Executive Committee
4 June 2014 The Green Bond Principles has expanded its Executive Committee structure to 18 organizations representing a balanced distribution between investors, issuers and underwriters in line with its Governance framework published in April 2014, and following an application process that closed end of May. Please see here the composition of the Green Bond Principles Executive Committee and further details.
Participate in the ICMA European Repo Council's 27 European repo market survey
All European repo market participants are invited to submit data on their repo business outstanding at close of business on Wednesday, 11 June 2014. PARTICIPATE
ICMA Scholarship programme now available
9 May 2014 ICMA is launching a limited number of new scholarships for employees of member firms who are under 25 years of age. The intention is to develop the skills of people who are at the start of their careers in financial markets by encouraging access to ICMA EE courses, particularly the Financial Markets Foundation Course (FMFC) and Securities Operations Foundation Course (SOFC). There are a limited number of scholarships available for each ICMA member firm.
Access the newsletter here.
Green Bond Principles Governance Established - ICMA Appointed Secretariat
14 April 2014 A group of financial institutions that recently created the Green Bond Principles today released its governance framework. ICMA will serve as Secretariat.
For more information on Green Bond Principles, see here.

For more information on Green Bonds Principles Governance, see here.
ICMA publishes the 2014 legal opinions for the Global Master Repurchase Agreement
4 April 2014 ICMA has today published the 2014 legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement used for international repo transactions. The 2014 opinions support the use of the GMRA in 64 jurisdictions worldwide. Find out more here.
ICMA European Repo Council publishes paper on Collateral Fluidity
3 April 2014  The paper "Collateral is the new cash: the systemic risks of inhibiting collateral fluidity" from ICMA’s European Repo Council describes the increasing importance of collateral and how it effectively underpins the functioning of capital markets that provide the basis for economic growth. The paper calls for regulators to consider the impact of financial regulation on the movement of collateral, highlighting the potential systemic risks of inhibiting collateral fluidity  and the negative impact this could have on the stability and efficiency of capital markets. Click here to view the paper. 
ICMA is pleased to welcome the following new members in March:

Deutsche Pfandbriefbank AG, Unterschleissheim

GMM Global Money Managers Ltd, Strovolos, Nicosia

IHS Global SA, Zurich

JCI Capital Ltd, London

Landesbank Berlin AG, Berlin

Milbank, Tweed, Hadley & McCloy LLP, London

PGGM Vermogensbeheer B.V., Zeist

TSB Bank plc, Edinburgh

Click here to view the full list of ICMA members.
ICMA European Repo Council publishes best practice guide for the repo market
5 March 2014 ICMA’s European Repo Council (ERC) has launched its updated guide to best practice in the European repo market, setting out standards for the orderly trading and settlement of repos. Much repo trading in Europe is between banks in different countries, making it essential to have consistent, internationally-recognised standards. Click here to view the guide.
ICMA is pleased to welcome the following new members in January 2014:
Borsa Istanbul, Istanbul
FirstRand Bank Limited, Sandton
Indonesia Stock Exchange, Jakarta
Virgin Money plc, Newcastle upon Tyne
Click here to view the full list of ICMA members.
Latest ICMA survey shows sharp decline in size of the European repo market
22 January 2014 (London, UK) The European Repo Council of the International Capital Market Association (ICMA) today released the results of its 26th semi-annual survey of the European repo market. The survey, which computes the amount of repo business outstanding on 12 December 2013, sets the baseline figure for market size at EUR 5,499 billion. To view the press release, click here.
To view the survey, click here.
ICMA's Rene Karsenti announced as new member of ESMA's SMSG
20 December 2013 The European Securities and Markets Authority (ESMA) has appointed René Karsenti, President of ICMA, as a member of its Securities Markets Stakeholder Group (SMSG). For more information, please click here.
ICMA is pleased to welcome the following new members in December 2013:
Central Bank of Ireland, Dublin
CIMB Bank Berhad, Kuala Lumpur
Ipreo Holdings LLC, London
Latham & Watkins (London) LLP, London
Liberty Group Limited, Braamfontein
Merrill Lynch (Asia Pacific) Limited, Central Hong Kong
Oppenheimer Europe Ltd., London
Scotiabank Europe plc, London
Squire Sanders (UK) LLP, London
The Association of Corporate Treasurers (ACT), London
The Northern Trust Company, Chicago
UniCredit S.p.A., Rome
Union Investment Privatfonds GmbH, Frankfurt
United Overseas Bank Limited, Singapore

ICMA has admitted 57 new members in 2013 and expanded its geographical reach to include China, Estonia, Romania and Latvia.
Click here to view the full list of ICMA members.
ICMA is pleased to welcome the following new members in November:
Allianz Global Investors Europe GmbH, Frankfurt am Main
Bank of Moscow JSCB, Moscow
Nomura Bank (Luxembourg) S.A., Hesperange
Wells Fargo Bank, N.A., San Francisco
Click here to view the full list of ICMA members.
ICMA opens Asia Pacific representative office in Hong Kong
4 November 2013 (Hong Kong) ICMA has announced the opening of a new Asia Pacific representative office in Hong Kong. To view the press release click here.
Adherents to GMRA Protocol
31 October 2013  ICMA is pleased to report the adherence of three parties to the 2011 Global Master Repurchase Agreement Protocol (Revised). The protocol enables parties to amend certain terms of their existing GMRA documentation to reflect certain provisions of the GMRA 2011 and to insert a definition of Euro, on a multilateral basis. Click here for further information.
ICMA is pleased to welcome the following new members in September:
KommuneKredit, Copenhagen
Mitsubishi UFJ Securities (HK), Limited, Hong Kong
Mitsubishi UFJ Securities (USA), Inc., New York
Paul Hastings (Europe) LLP, London
Raiffeisen Bank S.A., Bucharest
Click here to view the full list of ICMA members.
European repo market recovers as banks return to the market for funding
18 September 2013 (London, UK) The European Repo Council of the International Capital Market Association (ICMA) today released the results of its 25th semi-annual survey of the European repo market. The survey, which computes the amount of repo business outstanding on 12 June 2013, sets the baseline figure for market size at EUR 6,076 billion. To view the press release, click here.
To view the survey, click here.
ICMA is pleased to welcome the following new members in August:
China Construction Bank (London) Limited, London
Dealogic Limited, London
Deutsche Bank (China) Co., Ltd., Beijing
Dexia Crédit Local, Paris
K&H Bank Zrt., Budapest
Click here to view the full list of ICMA members.
European organisations aim to boost triparty repo settlement interoperability by 2015
15 July 2013 (Frankfurt, Germany) The ICMA European Repo Council has today signed a Memorandum of Understanding  with Clearstream, Euroclear and Eurex Clearing, which engages the three post-trade infrastructure providers in a joint project enabling their systems to work together to increase the efficiency of the repo market. To view the press release, click here.
ICMA is pleased to welcome the following new members in June:
AFS Interest B.V.
Bank of Singapore Limited
Close Brothers Seydler Bank AG
Crelan S.A.
Inter-American Development Bank
Millennium Fixed Income, Ltd.
Morgan Stanley Bank AG
The Norinchukin Bank London Branch
Suncorp-Metway Limited
URALSIB Securities Limited
VP Securities A/S
Click here to view the full list of ICMA members.
Publication of the 2011 GMRA Protocol (Revised)
ICMA has published the 2011 Global Master Repurchase Agreement Protocol (Revised). Click here to view
ICMA AGM and Conference, Copenhagen, 22-24 May
The ICMA AGM and Conference 2013 in Copenhagen was a resounding success, with over 700 delegates participating. Speeches and presentations from the conference and photos of the event are now available on the webpage. Speeches from the AGM are also available to members only.
Click here to view
The systemic importance of collateral and the role of the repo market
7 May 2013 ICMA European Repo Council paper highlights the disruptive impact of the proposed FTT on the widespread use of collateral that underpins the modern financial system To view the press release, click here.
To view the supplementary paper, click here.
ICMA publishes 2013 legal opinions on global master repo agreement
10 April 2013 (Zurich, Switzerland) ICMA has today published the 2013 legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement used for international repo transactions.The 2013 opinions support the use of the GMRA in 63 jurisdictions worldwide, with the notable addition of an opinion for Russia and an expansion of counterparty coverage in a number of key jurisdictions. To view the press release, click here.
For more information about the legal opinions, including a list of covered jurisdictions, click here.
ICMA European Repo Council calls for exemption of repo transactions from FTT
8 April 2013 The proposed EU Financial Transaction Tax would cause the short-term repo market in Europe to contract by an estimated amount of at least 66%, with serious negative consequences for other financial markets and the real economy, according to a study commissioned by the European Repo Council of the International Capital Market Association. To view the press release, click here.
To view the report, click here.
ICMA is pleased to welcome the following new members in March:
Aviva Investors Global Services Limited, London
Bloomberg L.P., New York
Gianni, Origoni, Grippo, Cappelli & Partners, London
HSBC Bank (China) Company Limited, Shanghai
K&L Gates LLP, London
KNG Securities LLP, London
PensionDanmark Pensionsforsikringsaktieselskab, Copenhagen
Raiffeisen Schweiz Genossenschaft, St Gallen
Swedbank AS (Estonia), Tallinn
Swedbank AS (Latvia), Riga
Click here to view the full list of ICMA members.
LTRO continues to weigh on European repo market
11 March 2013 (London, UK) The European Repo Council of the International Capital Market Association (ICMA) today released the results of its 24th semi-annual survey of the European repo market. The survey, which measures the amount of repo business outstanding on 12 December, sets the baseline figure for market size at EUR 5,611 billion. To view the press release, click here.
To view the survey, click here.
ICMA publishes new legal documentation in support of Russian repo market
20 February 2013 (Zurich, Switzerland) ICMA has today published the Russian Legal Opinion on the GMRA, Russian Annex to the GMRA and Russian translation of the GMRA 2011. The GMRA is the most widely used legal agreement for documenting cross-border repo transactions and is also used in many domestic repo markets. Click here to see the press release.
Click here to access the ICMA GMRA legal opinions (ICMA members only).
ICMA Executive Education expands management team
14 February 2013 (London) The International Capital Market Association (ICMA) and the ICMA Centre have announced two key appointments to the management team of ICMA Executive Education, their joint financial markets professional education programme, as part of an initiative to expand its international reach and content. To view the press release, click here.
Market gathers to hear how new government policy package will revitalise Japan’s economy
5 February 2013 (London, Tokyo) Top representatives from the entire Japanese securities industry gathered at Japan Securities Summit in London today to promote the Japanese markets to overseas investors and market participants. To view the press release, click here.
To view the presentations given at the Japan Securities Summit, click here.
CICF publishes papers to contribute to a better informed debate of collateral related issues
7 November 2012 (London) The Collateral Initiatives Coordination Forum (CICF) has published today a White Paper entitled “Collateral Fluidity”, in which the case is made that the detailed design of regulatory measures requires careful attention and sequencing in order to ensure that collateral flows efficiently around the market.  Alongside this, the CICF has also published a short primer entitled “Collateral Fundamentals”, the aim of which is to aid those interested in the topic of collateral, but new to the associated concepts.
To view the press release, click here.
ESCA and ICMA sign cooperation agreement
6 November 2012 (Abu Dhabi, UAE) The Emirates Securities & Commodities Authority (ESCA) and the International Capital Market Association (ICMA) have signed a Memorandum of Understanding which will enhance coordination between the two associations on topics of international concern that are related to the capital markets. To view the press release, click here.
Joint Associations Committee comments on European disclosure rules for retail investment products
29 October 2012 (London) The Joint Associations Committee on Retail Structured Products welcomes the publication by the European Commission of a draft ‘regulation on key information documents for investment products’, the output of the Commission's Packaged Retail Investments Products (PRIPs) initiative. To view the press release, click here.
To view the comments, click here.
Associations launch wealth management charter of quality in Luxembourg
4 October 2012 (Luxembourg) ICMA today launched a Private Wealth Management Charter of Quality at an event jointly hosted by the Private Banking Group (PBGL) of the Luxembourg Bankers’ Association (ABBL), which has today become the first signatory association to the Charter. To view the press release, click here.
To view the charter, click here.
European repo market side-lined by ECB LTROs
6 August 2012 (London, UK) The European Repo Council of the International Capital Market Association (ICMA) today released the results of its 23rd semi-annual survey of the European repo market.
To view the press release, click here.
To view the survey, click here.
New ICMA GMRA legal opinion for Qatar
21 June 2012 ICMA is pleased to announce publication of the 2012 ICMA GMRA legal opinion for Qatar. Click here to access the ICMA GMRA legal opinions (ICMA members only).
ICMA establishes partnership with major Ukrainian association
7 June 2012 (Kyiv, Ukraine) ICMA signed a Memorandum of Understanding with the Securities Market Partnership Association (SMPA), one of the largest and most influential associations of professional securities market participants in Ukraine, during the first joint event “Repo Market: International Best Practices and Ukraine”. For more information, click here.
ICMA AGM & Conference in Milan
Speeches, presentations and photos from the ICMA AGM & Conference in Milan are now available. Click here to view the speeches and presentations.
Click here to view the photos.
Accreditation of the IFID and OCP in Hong Kong

11 April 2012 ICMA, in association with the Treasury Markets Association (TMA) of Hong Kong, has announced that any holders of either the International Fixed Income and Derivatives (IFID) Certificate Programme or the Operations Certificate Programme (OCP) can apply to be a TMA Associate Member, provided that they have passed the examination on the Code of Conduct and Practice of the TMA (Elementary Level). The TMA ‘Associate Member’ status is part of the new Primary Qualification Framework (PQF), which was recently put in place in Hong Kong.

For more information ICMA Executive Education courses, including the IFID and OCP, click here.

ICMA publishes 2012 legal opinions on master repo agreement for over 60 jurisdictions

4 April 2012 ICMA has published the 2012 legal opinions on the Global Master Repurchase Agreement (GMRA), together with the Guidance Notes and specific annexes to the GMRA 2011.

To view the press release click here.

For more information about the legal opinions, including a list of covered jurisdictions, click here.

ICMA European Repo Council paper explores official concerns about ‘shadow banking’ and repo
20 March 2012 (Zurich, Switzerland) ICMA’s European Repo Council (ERC) has today published a paper entitled: ‘Shadow banking and repo’ which explores concerns raised by regulators about ‘shadow banking’, particularly in the context of the European repo market. For a copy of the paper, click here.
For a copy of the press release, click here.
See also the ERC paper ‘Haircuts and initial margins in the repo market’
ICMA European Repo Council information
The ICMA European Repo Council is updating its record of contacts who trade or are involved in the repo market. Members and non-member firms are invited to send their repo contacts Click here to sign-up
International Capital Market Association (ICMA) appoints new General Counsel
1 March 2012 (Zurich, Switzerland) The International Capital Market Association (ICMA), which represents capital market participants globally, is pleased to announce that it has appointed Leland Goss to the post of General Counsel. For a copy of the press release, click here.
ICMA European Repo Council paper examines role of ‘haircuts’ in European repo market
8 February 2012 (London, UK) ICMA’s ERC has today published a paper entitled: ‘Haircuts and initial margins in the repo market’, which calls for more detailed understanding of the precise impact of collateral haircuts in the repo market to inform the regulatory debate. For a copy of the paper, click here.
For a copy of the press release, click here.
AFME, ICMA and ISDA Publish Paper Analyzing the Impact of European Sovereigns’ Collateral Policies

19 December 2011 (London) AFME, ICMA and ISDA today announced the publication of a paper titled “The Impact of Derivative Collateral Policies of European Sovereigns and Resulting Basel III Capital Issues”

Click here for a copy of the paper
Click here for a copy of the press release

ICMA welcomes invitation to comment on European Commission Paper on Stability Bonds

23 November 2011 (Zurich, Switzerland) ICMA has welcomed the invitation to comment on the proposals today in the European Commission’s Green Paper regarding the “Feasibility of introducing Stability Bonds".

Click here for a copy of the press release.

Markit iBoxx™ Indices
Markit iBoxx™ Bond Indices are leading, global indices that are used for benchmarking and as the basis for index linked financial products. These indices provide data for research, asset allocation and performance evaluation and cover government, sub-sovereign, agencies, corporate, inflation-linked and emerging markets bonds in all major currencies. The daily Markit iBoxx™ is available here on the ICMA website.

The daily Markit iBoxx™ are available here on the ICMA website.

Market Practice & Regulatory Policy

CBIC respond to ESMA Consultation Paper on EMIR Clearing Obligations IRS
18 August 2014 The CBIC responded to the Consultation Paper launched by the European Securities and Markets Authority (ESMA) on 11 July 2014 on the Clearing Obligation under Regulation (EU) No 648/2012, which outlines the framework of the European Market Infrastructure Regulation (EMIR).

Click here for details.
Information on International Sanctions Against Russia
8 August ICMA is providing its members the Client Briefings of Clifford Chance containing information on the international sanctions against Russia. Click here for details.
ICMA responds to ESMA Consultation Paper on MiFID II/MiFIR

1 August 2014 ICMA responded to an ESMA Consultation Paper on MiFID II/MiFIR.

Click here for more information.
ICMA responds to ESMA Discussion Paper on MiFID II/MiFIR

1 August 2014 ICMA responded to an ESMA Discussion Paper on MiFID II/MiFIR.

Click here for more information.
ICMA publishes joint supplementary observations to Bank of Italy consultation document
14 July 2014 Joint supplementary observations to Bank of Italy consultation document "Information reporting as contemplated in Article 129 of the TUB relating to the offer of financial instruments in Italy. Click here for more information.
ICMA working group develops GMRA FATCA language
14 July 2014 An ICMA working group has developed GMRA FATCA language for use with the GMRA 2000 , GMRA 2011 and the associated Equities Annexes. For more information, contact Lisa Cleary.
ICMA Quarterly Report Third Quarter 2014
8 July 2014 The latest edition of the ICMA quarterly report is now available. Some of the topics in this quarterly report have been discussed on 15 July during the quarterly briefing call for ICMA Members (ICMA members only). To download the report, click here.
Employment opportunity
1 July 2014 ICMA is seeking to recruit an Associate, Secondary Markets, in its Market Practice and Regulatory Policy team, working in ICMA’s London office. For more information, contact Angela Turner.
ICMA publishes a Sovereign Bond Consultation Paper Supplement
27 June 2014 ICMA has today published a Sovereign Bond Consultation Paper Supplement containing proposals to facilitate the orderly restructuring of sovereign debt. Click here for more information.
ICMA ERC responds to the ESMA Discussion paper on the CSD Regulation (ESMA 2014/299)
21 May 2014 The ICMA European Repo Council has submitted its response to the ESMA Discussion paper on CSD Regulation. To see the response, click here.
Faster settlement for international securities
20 May 2014 In response to the CSD Regulation and the provision to migrate the standard settlement cycle  for cash trading from T+3 to T+2, ICMA will change the standard settlement cycle for cash transactions set out in the ICMA Rules and Recommendations from T+3 to T+2 unless otherwise agreed to allow for the orderly trading of all fixed income securities traded under ICMA rules and from T+2 to T+1 for repo transactions. These changes will take effect from 6 October 2014, the date on which the majority of European markets are to make the migration. Click here for more information.
ICMA ERC responds to BCBS Consultative Document on the NSFR
11 April 2014 The ICMA European Repo Council has submitted its response to the BCBS's Consultative Document on the Net Stable Funding Ratio. To see the response, click here.
ICMA ECP responds to BCBS Consultative Document on the NSFR
11 April 2014 The ICMA ECP Committee has submitted its response to the BCBS's Consultative Document on the Net Stable Funding Ratio.

To see the response, click here.

ICMA Quarterly Report Second Quarter 2014
9 April 2014 The latest edition of the ICMA quarterly report is now available. Some of the topics in this quarterly report have been discussed on 11 April during the Quarterly Briefing Call for ICMA Members (ICMA members only). A recording is available here. To download the report, click here.
AMIC responds to the new FSB/IOSCO consultation
8 April 2014 AMIC responds to the FSB/IOSCO consultation on the assessment methodologies for identifying non-bank non-insurer Global Systematically Important Financial Institutions (‘NBNI G-SIFIs’). The response is available here.
Employment Opportunity – ICMA Paris office
ICMA’s Paris office is expanding and requires a bilingual (French and English) experienced and entrepreneurial associate / director to help it meet its expanding role. Find out more here.

For further details, please contact Nicholas.Pfaff@icmagroup.org.

AMIC responds to FCA consultation CP13/17 on the use of dealing commission rules
The proposals are intended to clarify the criteria for research under the rules to help firms make better judgements about what can be paid for with dealing commission charged to the fund. The response is available here.
AMIC responds to ESMA consultation on diversification of collateral
31 January 2014 The AMIC has responded to ESMA’s consultation on the ‘Revision of the provisions on diversification of collateral in ESMA’s guidelines on ETFs and other UCITS issues’. See the AMIC’s response here.
ICMA Quarterly Report First Quarter 2014
8 January 2014 The latest edition of the ICMA quarterly report is now available. Some of the topics in this quarterly report are going to be discussed on 14 January during the Quarterly Briefing Call for ICMA Members (ICMA members only). To download the report, click here.
ICMA launches new Sovereign Bond Consultation Paper
19 December 2013 ICMA's new Sovereign Bond Consultation Paper for members is available now. Access to the consultation paper
ICMA AMIC responds to the Best Practice Principles for Governance Research Providers Group
19 December 2013 The AMIC welcomes the opportunity to respond to the Best Practice Principles for Governance Research Providers Group. See the AMIC's response here.
CBIC supports the inclusion of covered bonds in LCR Level 1
17 December 2013 The CBIC  has issued a statement in support of the inclusion of covered bonds as extremely high liquid assets under the Liquidity Coverage Ratio (LCR) within the new liquidity provisions for the European banking sector. To view the statement click here.
ICMA ERC responds to FSB Consultative Proposals on Haircuts
29 November 2013 The ICMA ERC, jointly with ISLA, has submitted its response to the FSB's Consultative Proposals on Haircuts. To view the response, click here.
CBIC submits response to Moody's request for comments
21 October 2013 The Covered Bonds Investors Council has submitted a letter in response to Moody’s request for comments: "Approach to Determining the Issuer Anchor Point for Covered Bonds".
To view the response, click here.
ICMA CBIC statement regarding covered bond rating methodologies in a challenging environment
7 August 2013 The ICMA CBIC has sent a statement today to the credit rating agencies regarding covered bond rating methodologies in a challenging environment. To view the statement, click here.
ICMA responds to consultation on the European System of Financial Supervision
31 July 2013 ICMA has submitted its response to selected questions in the European Commission's consultation on the review of the ESFS. To view the response, click here.
ICMA responds to consultation on Reforming the Structure of the EU Banking Sector
11 July 2013 ICMA has submitted its response to the European Commission's Consultation Paper on reforming the structure of the EU banking sector. To view the response, click here.
ICMA Quarterly Report Third Quarter 2013
9 July 2013 The latest edition of the ICMA quarterly report is now available. Some of the topics in this quarterly report were discussed on 15 July during the Quarterly Briefing Call for ICMA Members (ICMA members only). To download the report, click here.
ICMA responds to ESMA Consultation Paper on Draft Regulatory Technical Standards
28 June 2013 ICMA has submitted its response to ESMA's Consultation Paper on Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus. To view the response, click here.
ICMA AMIC responds to EC Green Paper on the Long-Term Financing of the European Economy
25 June 2013 The ICMA AMIC has submitted its response to the European Commission's Green Paper on the Long-Term Financing of the European Economy. To see the response, click here.
ICMA FIIF submits response to EBA on Asset Encumbrance Reporting
19 June 2013 The ICMA FIIF has submitted a response to the EBA in relation to their Consultation Paper regarding Draft Implementing Technical Standards on Asset Encumbrance Reporting. To view the response, click here.
ICMA submits comments to IOSCO regarding principles for benchmarks
16 May 2013 The ICMA has submitted a response to IOSCO’s consultation regarding principles for financial benchmarks. To see the response, click here.
ICMA ERC submits comments to CPSS/IOSCO on trade repositories
10 May 2013 The ICMA ERC has submitted comments to CPSS/IOSCO in relation to their joint consultative report regarding “Authorities’ access to trade repository data”. To see the ERC response regarding one aspect of this consultation, click here.
Economic Importance of the Corporate Bond Markets
8 April 2013 ICMA has prepared a paper for policy makers about why corporate bond markets are so important for economic growth, for investors, for companies, and for governments, around the world; and why it is therefore essential that laws and regulations that affect them avoid any unintended adverse consequences that could inhibit those markets. To view the paper, click here.
Repo FAQs
A comprehensive list of FAQs on the repo market, ranging from the simplest enquiries such as “What is a repo?” to more detailed topical discussions on specialist questions, for example “Do haircuts/margins exacerbate pro-cyclicality?”, is now available to the market from the link below. Click here to view
ICMA submits comments regarding benchmarks to IOSCO and to ESMA-EBA
11 February 2013 The ICMA has submitted responses to IOSCO and ESMA-EBA consultations regarding benchmarks. To see the responses, click here.
ICMA ERC & AMIC submit comments to the FSB on shadow banking
14 January 2013 The ICMA ERC and the ICMA AMIC have submitted comments to the FSB in relation to the FSB’s three consultative documents regarding “Strengthening Oversight and Regulation of Shadow Banking”. To see the ERC response on repo related aspects, click here.
To see the AMIC response, click here.
ICMA Quarterly Report Fourth Quarter 2013
8 October 2013 The latest edition of the ICMA quarterly report is now available. Some of the topics in this quarterly report were discussed on 14 October during the Quarterly Briefing Call for ICMA Members (ICMA members only). To download the report, click here.
ICMA responds to EC Consultation Paper on non-bank recovery and resolution
21 December 2012  ICMA has responded to the European Commission's consultation on a possible framework for the recovery and resolution of nonbank financial institutions.

To see the response click here.

ICMA submits comments to BBA on “Strengthening LIBOR”
6 December 2012 ICMA has submitted a response to the BBA’s consultation on "Strengthening LIBOR".
To see the response, click here.
ICMA submits comments to European Commission on “benchmarks”
27 November 2012 The ICMA has submitted a response to the European Commission’s "Consultation Document on the Regulation Of Indices". To see the response, click here.
ICMA responds to EC Consultation Paper on Liikanen’s recommendations
13 November 2012 The ICMA has responded to the European Commission's consultation on the recommendations of the Liikanen High-level Expert Group. To see the response, click here.
To see our new webpage "Information on European Banking Union and Bank Structural Reform", click here.
ICMA AMIC responds to EC Consultation Paper on UCITS
18 October 2012 The ICMA AMIC has responded to the European Commission's Consultation Paper on UCITS: Product Rules, Liquidity Management, Depositary, Money Market Funds and Long-term Investments. To see the response, click here.
For more information, see the UCITS tab on our webpage here.
FATCA information resources
Many are still unclear as to the implications of FATCA, particularly regarding capital market transactions. Consequently, ICMA has published a webpage where some useful resources are available. Click here to view.
ICMA submits comments on recovery and resolution of FMIs
28 September 2012 The ICMA has submitted comments to the CPSS and IOSCO, in relation to the bail-in aspect of their joint consultative report on Recovery and Resolution of Financial Market Infrastructures. To see the comments, click here.
ICMA AMIC and ERC submit comments on margin requirements for non-centrally-cleared derivatives
28 September 2012 The ICMA AMIC and the ICMA ERC have both submitted comments to BCBS and IOSCO, in relation to their joint consultative paper on “Margin requirements for non-centrally-cleared derivatives”. To see the AMIC response, click here.
To see the ERC response, click here.
ICMA AMIC responds to ESMA Consultation Paper on recallability of repo and reverse repo arrangements
25 September 2012 The ICMA AMIC has responded to ESMA's Consultation Paper on recallability of repo and reverse repo arrangements. To see the response, click here.
ICMA ERC submits comments on broadening the UK resolution regime
24 September 2012 The ICMA ERC has submitted comments to HMT, in relation to its consultation paper on  broadening the UK resolution regime to cover non-bank financial institutions.
To see the response, click here.
ICMA ERC submits comments on the recovery and resolution of FMIs
24 September 2012 The ICMA ERC has submitted comments to CPSS and IOSCO, in relation to their joint consultative report on the “Recovery and resolution of financial market infrastructures".
To see the response, click here.
ICMA submits comments to the Wheatley Review
7 September 2012 The ICMA has submitted comments in relation to the August 2012 initial discussion paper “The Wheatley Review of LIBOR”. To see the comments, click here.
ICMA responds to EBA on Draft Regulatory Standards on Own Funds
3 July 2012 ICMA has responded to the questions enumerated in the European Banking Authority (EBA) Consultation Paper on Draft Regulatory Technical Standards on Own Funds. Click here to see the response.
Temporary vacancy - Director and Secretary of the AMIC
ICMA is looking for a Director who will act as the Secretary of the ICMA Asset Management and Investors Council (AMIC) and the AMIC Executive Committee, taking over from the current Secretary while she is away on maternity leave. For more information, click here.
ICMA CBIC feedback on ECBC Covered Bond Label Initiative
15 June 2012 The ICMA Covered Bond Investor Council (CBIC) has given feedback to the ECB and the EMF on the ECBC Covered Bond Label Initiative. The comments are available here.
ICMA AMIC responds to EC Green Paper on shadow banking
15 June 2012 The ICMA Asset Management and Investors Council (AMIC) has responded to the EC on it's Green Paper on shadow banking and shared its concerns regarding the definitions of the term ‘shadow banking’ and its potential effects on the asset management industry.
To view the response, click here.
ICMA ERC submits comments to the European Commission on shadow banking
30 May 2012 The ICMA ERC has submitted comments to the European Commission in relation to its Green Paper on Shadow Banking. To see the comments, click here.
ICMA ERC submits comments to the FSB on shadow banking and repos

22 May 2012 The ICMA ERC has submitted comments to the FSB in relation to the FSB Shadow Banking Workstream’s Interim Report on Securities Lending and Repos. 

To see the comments click here

ICMA CBIC/Covered Bond Report event held in Frankfurt on 10 May
11 May 2012 Andreas Denger, Vice Chairman of the CBIC, presented the transparency template, its rationale and the amendments made to the template. For more information, click here.
ICMA submits comments to European Commission on “bail-ins”
20 April 2012 The ICMA has submitted a letter in response to the questions enumerated in the European Commission’s "Discussion paper on the debt write-down tool – bail-in". To see the letter, click here.
ICMA ERC submits comments to ESMA on draft regulatory technical standards
2 April 2012 The ICMA ERC has submitted comments to ESMA, in relation to the ESA joint consultation paper on draft regulatory technical standards on risk mitigation techniques for OTC derivatives not cleared by a CCP under EMIR. 
To see the comments, click here.
ICMA AMIC ETF Working Group submits response to ESMA consultation paper

30 March 2012 The AMIC ETF Working Group has submitted a response to the ESMA consultation paper on guidelines for UCITS Exchange-Traded Funds and Structured UCITS.

To view the response, click here.
AFME, ICMA, ISLA and ISDA joint input for ESMA Consultation Paper on possible Delegated Acts
10 March 2012 AFME, ICMA, ISLA and ISDA have submitted their joint input for ESMA Consultation Paper on possible Delegated Acts concerning the regulation on short selling and certain aspects of credit default swaps ((EU) No XX/2012). To see the response, click here.
ICMA AMIC Solvency II Working Group submits response to EIOPA Consultation Paper

20 February 2012 The AMIC Solvency II Working Group has submitted a common response to the EIOPA Consultation Paper on the proposal for Quantative Reporting Template for Financial Stabiity Purposes.

To see the response, click here.

AFME, ICMA, ISLA and ISDA joint input for ESMA Consultation Paper on draft technical standards
13 February 2012 AFME, ICMA, ISLA and ISDA have submitted their joint input for ESMA Consultation Paper on draft technical standards on the Regulation (EU) xxxx/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps. To see the response, click here.
ICMA AMIC Solvency II Working Group submits response to EIOPA Consultation Paper
20 January 2012 The AMIC Solvency II Working Group has submitted a common response to the EIOPA Consultation Paper on the proposal for Quantative Reporting Templates. To see the response, click here.
ICMA's survey on “Buffer Contingent Capital Securities” and response to EBA on capital buffers
17 January 2012 ICMA has responded to the European Banking Authority (EBA) on its 'Recommendation on the creation and supervisory oversight of temporary capital buffers to restore market confidence'. To see the response and the results of ICMA's related survey, click here.
ICMA responds to Commission green paper on Stability Bonds
6 January 2012 ICMA has responded to the European Commission on its green paper on the feasibility of introducing Stability Bonds. To view the response, click here.
ICMA responds to ESMA on Prospectus Directive
6 January 2012 ICMA has responded to ESMA's further consultation on ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU To view the response, click here.